Rose Valley Chit Fund Scam

Rose Valley Chit Fund Scam

  • Rose Valley a Chit Fund company has gone for a toss which cheated thousands of gullible investors from West Bengal and Odisha
  • Enforcement Directorate (ED) passed a latest order on firm’s assets worth Rs. 293 crore (market value) attaching Six hotels in Assam, Bihar and and West Bengal along with 17 acre amusement park in Tripura at prime location
  • However, the criminal case was filed against the firm in 2014 by ED and in March 2015 it’s chairman Gautam Kundu was arrested by agency
  • The group had promised huge returns of 8% – 27% on its floated scheme to it’s investors on investment or on bookings in real estate sector
  • As per provisions of Prevention of Money Laundering Act (PMLA), central probe agency has issued a provisional attachment order and ED has freezed total alleged irregularities at Rs. 8600 crore